Envestnet Asset Management Inc. lifted its position in Southern Copper Co. (NYSE:SCCO – Get Rating) by 10.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 170,292 shares of the basic materials company’s stock after acquiring an additional 16,435 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Southern Copper were worth $12,925,000 as of its most recent filing with the SEC.
Several other hedge funds have also made changes to their positions in the company. National Asset Management Inc. lifted its position in Southern Copper by 1.6% in the 1st quarter. National Asset Management Inc. now owns 10,649 shares of the basic materials company’s stock worth $809,000 after buying an additional 164 shares in the last quarter. Krane Funds Advisors LLC lifted its position in Southern Copper by 12.5% in the 4th quarter. Krane Funds Advisors LLC now owns 1,513 shares of the basic materials company’s stock worth $93,000 after buying an additional 168 shares in the last quarter. Mutual Advisors LLC lifted its position in Southern Copper by 3.6% in the 4th quarter. Mutual Advisors LLC now owns 5,186 shares of the basic materials company’s stock worth $320,000 after buying an additional 180 shares in the last quarter. Asset Management One Co. Ltd. lifted its position in Southern Copper by 1.3% in the 4th quarter. Asset Management One Co. Ltd. now owns 16,641 shares of the basic materials company’s stock worth $1,013,000 after buying an additional 220 shares in the last quarter. Finally, Xponance Inc. lifted its position in Southern Copper by 2.8% in the 1st quarter. Xponance Inc. now owns 8,788 shares of the basic materials company’s stock worth $667,000 after buying an additional 238 shares in the last quarter. Hedge funds and other institutional investors own 6.83% of the company’s stock.
Analysts Set New Price Targets
A number of research analysts have recently weighed in on SCCO shares. StockNews.com downgraded shares of Southern Copper from a “buy” rating to a “hold” rating in a report on Saturday. Citigroup downgraded shares of Southern Copper from a “neutral” rating to a “sell” rating and cut their price target for the company from $70.00 to $40.00 in a report on Wednesday, July 13th. Barclays cut their price target on shares of Southern Copper from $61.00 to $51.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 19th. Morgan Stanley lowered their target price on shares of Southern Copper from $66.00 to $52.00 and set an “underweight” rating on the stock in a research note on Wednesday, June 22nd. Finally, The Goldman Sachs Group began coverage on shares of Southern Copper in a research note on Friday. They issued a “neutral” rating and a $65.00 target price on the stock. Three research analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $54.00.
Southern Copper Stock Performance
Southern Copper (NYSE:SCCO – Get Rating) last issued its earnings results on Tuesday, May 3rd. The basic materials company reported $1.02 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.01. Southern Copper had a net margin of 27.59% and a return on equity of 36.17%. The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.68 billion. Equities research analysts forecast that Southern Copper Co. will post 3.36 EPS for the current year.
Southern Copper Cuts Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 25th. Investors of record on Thursday, August 11th will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 6.32%. The ex-dividend date is Wednesday, August 10th. Southern Copper’s dividend payout ratio is currently 132.28%.
About Southern Copper
Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of molybdenum concentrate and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of zinc and lead.
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